Climbing the Liquidity Ladder

Big things are happening with private market liquidity. Just as the tokenization fad crashed and burned, a much bigger wave of PE secondary transactions took off on a hockey stick growth path. The successful efforts have the right attributes for their level of exchange. They fit themselves into good slots on a liquidity ladder. Assets are moving up and down the ladder This ladder becomes more interesting when you realize that issuers and investors have incentives to move between categories. In the past ten years more than 4 trillion dollars of assets have moved from public to private categories. Now they…...